Following Strong Growth, Hims & Hers Appoints Chief Growth Officer

Rhea-AI Summary

Hims & Hers Health, Inc. (NYSE: HIMS) has appointed Mike Chi as its first Chief Growth Officer, focusing on growth across its telehealth platform. Under Chi's leadership, the company aims to expand services, particularly in women’s health and mental health, building on a revenue increase of 80% in 2020 and strong Q1 and Q2 results, with year-over-year growth rates of 74% and 69%, respectively. The company also acquired Apostrophe and Honest Health to support growth in dermatology and UK markets.

Positive

• Appointment of Mike Chi as Chief Growth Officer expected to drive continued growth.
• Revenue grew by 80% in 2020, with strong growth rates of 74% and 69% in Q1 and Q2 of 2021.
• Acquisition of Apostrophe and Honest Health enhances focus on women's health and dermatology.

Negative

• None.

Responsible for driving continued growth across an expanding number of telehealth specialties, Mike Chi brings vast experience to help expand fast-growing expansion categories

SAN FRANCISCO--(BUSINESS WIRE)-- On the heels of strong Q2 earnings, Hims & Hers Health, Inc. (“Hims & Hers”, NYSE: HIMS) has appointed Mike Chi as the company’s first-ever Chief Growth Officer. Chi brings a wealth of experience in the women's market and will be responsible in this new role for driving continued growth across Hims & Hers’ multi-specialty telehealth platform.

“Mike has a proven record of delivering strong results, specifically when it comes to driving growth in traditionally women’s focused markets,” said Andrew Dudum, CEO of Hims & Hers. “Mike will help lead the charge as we look to continue delivering robust growth in our established Hims categories and double down on our emerging new Hers-focused specialties, such as Mental Health and Dermatology. He is truly a unique mind with a relentless work-ethic and expertise in channel level marketing that is rarely seen in marketing leaders.”

Chi joined Hims & Hers earlier this year, bringing a wealth of experience across marketing, strategy, positioning, and product, with specific expertise in the women’s market. Previously he was the Chief Marketing Officer at Zola and held senior positions at INTERMIX and Gilt Groupe. He holds an MBA from Columbia University.

In his role as Chief Growth Officer, Chi will be responsible for driving continued growth across Hims & Hers, which has posted strong results recently. In 2020, revenue grew by 80%. In Q1 and Q2 of 2021, revenue grew year-over-year by 74% and 69%, respectively, in each case exceeding guidance and causing the company to raise full-year expectations. Among the company’s fastest growing categories are women’s hair and skin care and mental health services, all of which Chi is well positioned to help continue growing.

As of Q2, Hims & Hers has grown subscriptions year-over-year by 76% to 453,000 as it continues to focus on expanding core services and investing in newer ones. Hims & Hers recently acquired Apostrophe, a teledermatology specialist and compounding pharmacy, expanding its investment in the growing dermatology vertical, and Honest Health, a London-based vertical health platform, laying the foundation for future expansion in the UK and Europe.

With 80% of customers first-time buyers, Hims & Hers believes it is well positioned to continue growing its business in order to make the highest quality, personalized healthcare accessible to everyone.

Forward Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by the use of forward-looking terminology, including the words "believes," "estimates," "anticipates," "expects," "intends," "plans," "may," "will," "potential," "projects," "predicts," "continue," or "should," or, in each case, their negative or other variations or comparable terminology. There can be no assurance that actual results will not materially differ from expectations. Such statements include, but are not limited to, any statements relating to our financial outlook and guidance, our expected future financial and business performance, the assumptions underlying such statements, statements about events and trends including events and trends that we believe may affect our financial condition, results of operations, short- and long-term business operations and objectives, and financial needs, our expectations regarding market acceptance, user experience, the success of our business model, the growth of certain of our categories and the impact of our recent acquisitions, our ability to expand the scope of our offerings, and our ability to comply with the extensive, complex and evolving regulatory requirements applicable to the healthcare industry. These statements are based on management’s current expectations, but actual results may differ materially due to various factors.

The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2020, as amended, our most recent Quarterly Report on Form 10-Q, and our subsequent filings with the Securities and Exchange Commission (the "Commission").

Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and developments in the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in reports we have filed or will file with the Commission, including our Annual Report on Form 10-K for the year ended December 31, 2020, as amended, our most recent Quarterly Report on Form 10-Q, and our subsequent filings with the Commission. In addition, even if our results of operations, financial condition and liquidity, and developments in the industry in which we operate are consistent with the forward-looking statements contained in such reports, those results or developments may not be indicative of results or developments in subsequent periods.

About Hims & Hers

Hims & Hers is a multi-specialty telehealth platform that connects consumers to licensed healthcare professionals, enabling them to access high-quality medical care for numerous conditions related to primary care, mental health, sexual health, dermatology, and more. Launched in November 2017, the company also offers thoughtfully created and curated health and wellness products. With products and services available across all 50 states and Washington, D.C., Hims & Hers is able to provide access to quality, convenient and affordable care for all Americans. Hims & Hers was founded by CEO Andrew Dudum, Hilary Coles, Jack Abraham and Joe Spector at venture studio Atomic in San Francisco, California. For more information about Hims & Hers, please visit forhims.com and forhers.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210831005354/en/

Linda O’Connor

press@forhims.com

Source: Hims & Hers Health, Inc.

FAQ

What is the role of Mike Chi at Hims & Hers?

Mike Chi has been appointed as the Chief Growth Officer, responsible for driving growth across the telehealth platform.

What were the revenue growth rates for Hims & Hers in 2021?

Hims & Hers reported year-over-year revenue growth rates of 74% in Q1 and 69% in Q2 of 2021.

What recent acquisitions did Hims & Hers make?

Hims & Hers acquired Apostrophe, a teledermatology specialist, and Honest Health, a London-based health platform.

How much did Hims & Hers' revenue grow in 2020?

Hims & Hers' revenue grew by 80% in 2020.